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Year: 2024

Govt to Pay Rs72 Billion to Five IPPs After Amicable Settlement

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Power-Project

ISLAMABAD: The federal cabinet has approved a settlement with five Independent Power Producers (IPPs) involving the voluntary termination of their contracts, following mutually agreed negotiations. According to details, the government will pay Rs72 billion to these IPPs within 90 days, while ensuring no unfair treatment in the process. The settlement includes repatriation of dividends for foreign shareholders, with the Central…

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Nepra Issues Show-Cause Notices to CPPA-G, NTDC Over Non-Compliance on BSPs and OPMs

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NEPRA-Office

ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) has issued show-cause notices to the Central Power Purchasing Agency–Guaranteed (CPPA-G), the Market Operator (MO), and the National Transmission and Despatch Company (NTDC) for failing to sign Black Start Procedures (BSPs) and finalize Operating Procedure Manuals (OPMs) for power plants. Following a nationwide power outage in January 2021, Nepra initiated an inquiry…

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SBP Projects 2.5-3.5% Growth, Warns of Risks from Global Energy Price Fluctuations

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state-bank

KARACHI: The State Bank of Pakistan (SBP) has projected real GDP growth between 2.5% and 3.5% for FY25, citing improvements in macroeconomic conditions supported by stabilization policies, IMF engagement, and a favorable global environment. In its annual report for FY24, the SBP highlighted reduced economic uncertainty and a positive outlook, but cautioned that fluctuations in global energy prices could pose…

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Oil Industry Criticizes Restrictive Fuel Pricing, Cites Major Losses

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Oil-Price

ISLAMABAD: The oil industry has raised alarm over restrictive fuel pricing policies, claiming significant financial losses due to deviations from the government-approved pricing formula. In a letter to the Oil and Gas Regulatory Authority (Ogra), the Oil Companies Advisory Council (OCAC), representing refineries and oil marketing companies, warned that adjustments to the pricing mechanism effective from October 16, 2024, are…

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Mega Motor Partners with BYD to Boost Pakistan’s Automotive Sector

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Mega-Motor

KARACHI: Mega Motor Company, a subsidiary of Hub Power Company Ltd (Hubco), has signed a major partnership with BYD Auto Industry Company Ltd, the world’s leading manufacturer of new energy vehicles (NEVs). In a statement on Thursday, Hubco announced that the agreement includes manufacturing, marketing, distribution, and sales of BYD’s passenger vehicles in Pakistan. The deal also involves technical licensing…

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NEPRA Fines Power Company Rs50m for Misleading Filings

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Nepra-tariff

ISLAMABAD: In an unusual regulatory action, the National Electric Power Regulatory Authority (NEPRA) has imposed a Rs50 million fine on Central Power Generation Company Ltd (CPGCL) for submitting deceptive regulatory filings that inflated electricity tariffs. The fine is linked to CPGCL’s Guddu Thermal Power Station, which charged over Rs1.24 billion in tariffs for a gas booster that was procured at…

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SHAKE PROGRAMME SECURES £845K FOR NEXT COHORT OF CLIMATE-TACKLING ENTREPRENEURS

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Unique combination of investment and mentorship for agri-tech start-ups attracts new funding partners. The SHAKE Climate Change entrepreneurship programme has secured £845K to invest in new projects that will help deliver the next generation of climate friendly farming. Based on a unique funding model, SHAKE helps entrepreneurs and start-ups who are combating climate change with science or tech-based ideas in…

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Climate Finance Accelerator Showcases Innovative Pakistani Climate Projects at Investor Roadshow

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Sarah-Mooney

The UK-funded Climate Finance Accelerator (CFA) Pakistan kicked off its two-day InvestorRoadshow in Karachi today, bringing together seven innovative climate mitigation projects spanningsectors such as power, e-mobility, healthcare, food, agriculture, and technology.The CFA, implemented by DAI Pakistan on behalf of the UK Government, has provided the projectswith technical, financial, and gender inclusion expertise to help ready them for investment. The…

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Oil and Gas Output Declines in Q1 Amid Field Disruptions

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oil-discovery

KARACHI: Pakistan’s oil and gas production experienced a notable decline in the first quarter of the current fiscal year, with oil output falling by 8% and gas by 7%. The downturn was primarily due to annual turnarounds (ATAs) and forced curtailments at major fields, according to a report by Arif Habib Limited (AHL). Key oil fields like Nashpa, Mela, Adhi,…

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